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Opinion Contributor

Renew urgency on Wall Street probe

Americans need to know that the law breaking will not continue, the author wries. | AP Photo

Yet more than seven months after this current working group was established, and years after the financial meltdown, staffing levels remain well under the levels of the S&L investigation. Reports indicate that approximately 200 personnel are involved in the task force’s investigation, and it’s unclear how many are full-time staff dedicated to this critical mission.

What should be done so that Americans can know, after another seven months, that they have gotten the full-scale investigation that they were promised and deserve?

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First, the Justice Department must marshal resources on a dramatically larger scale, including staff from bank regulatory agencies, like the Federal Deposit Insurance Corp. and the Federal Reserve Bank of New York, who know the banking industry inside and out. Congress should approve President Barack Obama’s request for additional funding for the department to fight financial fraud.

Second, while intensifying the investigation, the Justice Department needs to focus on criminal wrongdoing and not just civil prosecutions. Deterring future crimes can’t be accomplished simply through fines or negotiated financial settlements — which many banks regard as the cost of doing business. Senior executives need to know that if they violate the law, there will be real consequences.

Holder noted, “millions of hardworking Americans have lost their jobs and their homes, as well as their hard-earned savings and financial security.” He added, “Just as tragically, many of our fellow citizens have lost faith.”

Restoring that faith will require bringing a renewed sense of urgency to the mortgage securities fraud investigation and applying the resources and commitment needed to do the job. Americans need to know that law breaking at the highest levels will not be countenanced or allowed to jeopardize our financial system and economy.

Tuesday, 04 September 2012 We have not seen many good days and there are none for some time European shares fell on Tuesday as investors turned cautious in the run-up to a European Central Bank (ECB) meeting, with the Swiss market lagging after figures showed an unexpected contraction in the country's economy. The FTSEurofirst 300 index fell 0.3 percent to 1,088.20 points, while the euro zone's Euro STOXX 50 index was flat. Expectations the ECB will firm up a debt-buying scheme to fight the euro zone's debt crisis have driven an equity rally since late July. But the People's Bank of China appears to be resisting calls for more aggressive measures based on past experience: the huge stimulus enacted in response to the 2008 global crisis fuelled inflation and a wasteful spending boom. "We are all waiting for more monetary policy to come out," said Linus Yip, strategist at First Shanghai Securities in Hong Kong. "We are all waiting and hope the PBOC will do something." I thank you Firozali A.Mulla DBA

She is one person who really understands the extent of "evil-doing" (to use a Bushism) that has taken place and she's not afraid of powerful banks and corporations. .... or the right wing cranks who populate these forums.

Taxpayers have spent over $400 BILLION AND COUNTING on the Freddie Mac and Fannie Mae failures.

Why is no one in jail?

Well let's talk money first.......Capital One bank will refund roughly $140 million to customers and pay an additional $25 million penalty to the CFPB for using deceptive marketing tactics. Also Capital One Bank will also pay the Office of the Comptroller of the Currency a $35 million penalty and refund an additional $10 million to customers for failing to put progams in place that would prevent unfair and deceptive practices in place and for unfair billing practices. The two actions combined bring the bank's total payout to $210 million.

n">(Reuters) Feb. 2012 - The Federal Reserve announced on Thursday it has reached an agreement with five U.S. banks on penalties totaling $766.5 million over problems in their mortgage servicing businesses as part of a larger $25 billion foreclosure deal struck between the banks and state and federal agencies.

In April 2011 banking regulators reached a deal with 14 banks on the steps they have to take to clean up how they deal with struggling homeowners but no fines were levied at the time. On Thursday the central bank said it was announcing penalties related to that deal as part of an effort to coordinate with the larger settlement between banks and state attorneys general and the Justice Department that also was announced on Thursday.

The banks involved are Bank of America Corp, Citigroup, JPMorgan Chase & Co, Wells Fargo & Co and Ally Financial Inc, the Fed said. The Fed said its penalties are included in the larger deal's $25 billion total.

Economy in Crisis - August 2010 - Barclays is coughing up $298 million for violating a US Trade law. A Judge is still deliberating on a settlement that may cost Citi $70-$100 million for misleading investors about $40 billion in sleazy subprime holdings.

Last week, It was Wells Fargo settling for $200 million after being caught gouging their own customers. This follows in the wake of a $550 million dollar settlement on the part of Goldman Sachs and then a $600 million deal involving Countrywide and Bank Of America.

And this effort is still today ongoing.....so I say let's assess and collect the penalties and fines before we put folks in jail......